Euro-zone Nov. manufacturing PMI falls to 46.4

FRANKFURT (MarketWatch) -- Activity in the euro-zone manufacturing sector contracted at the sharpest pace in 28 months in November, according to the purchasing managers index for the sector compiled by Markit. The index fell to 46.4 from 47.1 in October, unchanged from an earlier, preliminary estimate. A reading of less than 50 indicates a contraction in activity. Manufacturing PMIs were below 50 in all nations covered by the survey, with most declining from October levels, Markit said. "Both production and new orders fell at rates not seen since the height of the credit crunch in [the first half of] 2009. It was also the first month since mid-2009 that all countries saw output fall, highlighting the broadening-out of the downturn from the periphery to the core," said Chris Williamson, Markit chief economist.